A modern traveler is looking for more than just a place to sleep and spend time when free from entertainments. Where the industry is heading shortterm drivers and global trends shortterm industry trends are shaped by differing economic, political or physical factors impacting local geographical markets. Supply growth will be constrained by the lack of financing. Where the industry is heading longterm drivers and global trends in the long term, growth in the hotel industry is driven by a number of trends. Hotels require a major financial investment and there is a significant.
Currently, ghana ranks 14th on the list of most visited tourism destinations in africa isser, 2009. The hospitality and tourism industry in ghana has moved from the sidelines to the centre stage of socioeconomic strategies. Where the industry is now intercontinental hotels group. It refers to the relationship between guest and the host, or the practice or act of being hospitable. As a hospitality sector business, you would like to stay insync with the latest trends in the global hospitality industry. Particularly, this involves the friendly and generous reception and entertainment of visitors, guests, strangers, membership clubs, resorts, conventions, special events, attractions. This report combines the findings from trends studies with interviews of forty hospitality industry leaders representing fifteen countries. The proposed nhospitality and tourism industry ew model of segments showed sufficient reliability and validity, and its four major industry segments contained 22 subsegments. To our clients and friends both in and beyond the hospitality industry. This publication focuses on segments within the hospitality industry with detailed forecasts and analysis. Graphical abstracts highlights files where applicable supplemental files. Hospitality industry experts share trends, insights and.
It is important to mention that, throughout this dissertation, both the trends that. Well explore together the six most important developments that will change the hotel industry for good. The international journal of hospitality management discusses major trends and developments in a. Furthermore, keeping pace with the wider industry is one of the ways owners can help to ensure their business is delivering an excellent customer experience. Hotels all across the globe has to keep a track of the developments and advancement in hospitality sector, to enhance the comfort and convenience guests. Macroeconomic trends the us lodging industry has experienced six consecutive years of growth from 2010 to 2016, with an average annual revpar growth of 6% according to smith travel research. Government initiatives for promoting tourism and hospitality industry.
The transition from providing a mere hotel stay to providing a seamless experience with top most quality is evident in the hotel sector. The hospitality industry is extremely competitive, and it is important for businesses operating within it to keep up with the latest trends, in order to avoid being left behind. It is one of todays biggest emerging technology trends. China, india and others may bring into the industry, as these countries have become relevant sources of outbound tourism. In 2016 we will see some solid trends take shape in the hospitality industry.
Without further ado, here are our predictions for the hospitality industry in 2018. Diverse enough for people to work in different areas of interest and still be employed within the industry. Will globalisation fragment or consolidate the hospitality industry. Since the economic crisis of 200809, gdp growth has returned to key economies, leading to an increase in disposable income and an. One is about a local hotel industrys effort to use the internet to boost its local market. The hospitality industry is a dynamic environment in an everlasting state of movement and progression. A personal reflection article pdf available in international journal of contemporary hospitality management 273. And, smart hoteliers are increasingly relying on technology to help them here, gathering data and allowing the delivery of a highly personalised service. Su keith1998, economic trends and influence on hospitality industry. The speaker praba g menon, a selfmade hotelier, grew from the ranks of busboy to waiter, and now commands the respect of his fellow associates as the coo of a large hotel chain in malaysia. Developments and challenges in the hospitality and tourism.
Revive your hospitality business with one or more of these trends in mind. Pdfs role in the needs of the hospitality industry. Now a days trends in hospitality sector changes very rapidly in order to optimize the experience of guests. Global gdp growth in the last 10 years of circa 4% per annum has contributed to increasing. Existing hotels will experience a significant increase in value through 2014. Each of the six theses explores a future trend set to change the hospitality industry and explores two opposite scenarios. The global hotel industry bottomed out in 2009 and a recovery is under way. By understanding these drivers we aim to deliver technology.
The hospitality industry has grown leaps and bounds in the last few years. Hotel industry reports slightly higher hotel occupancy compared with previous weeks for week ending may 2nd may, 6 2020 str data for 26 april through 2 may 2020 showed slightly higher u. If your hotel hasnt adopted at least one of the industrys 10 most popular trends, it may be time to give your hotel business a boost. West coast markets to show the greatest value increase through 2019. The boundaries of communication have significantly stretched in the last decade and simply greeting the guest and replying to a poststay survey wont cut it anymore. One of the biggest beneficiaries of this increased travel is the u. A list of hospitality industry megatrends, subtrends and forces emerged from their views of the future.
Like many industries, the hospitality industry has adopted the portable document format pdf standard as a means of electronic document archiving and distribution. Check out the 5 current tech tendencies which are shaping the hospitality industry. Performance and trends to watch in 2016 05 may 2016. The quality of service in hotel industry is an important factor of successful business. Overview of hospitality industry chm international institute. According to the economic survey of india 201617, the buoyancy in the countrys gdp remains unchanged in recent years, with 201516 ending at a 7. The industry can be broken down into three basic areas. This paper describes some recent development of ebusiness application in the hospitality industry e. Supply and demand will be in equilibrium towards the latter part of 2016 or early 2017 for the usa 2. But, as time has progressed, so have the guests demands. As skift sees it, travel is the global crucible for everything. Overall, the hospitality industry had a solid 2017 with the ninth consecutive year of positive growth.
Introduction to hospitality industry linkedin slideshare. Today, however, digital intermediaries have encroached on hospitality providers traditional territory, grabbing a significant percentage of the industrys revenues. Vr in the hospitality industry is applied in travel experiences, hotel tours, and booking processes. The hospitality industry is growing steadily and surely, and the outlook is better than ever with new businesses expanding the horizons every day. Hospitality, as interestingly defined in dictionary, is kindness in welcoming visitors, guests or strangers. They scoured the globe and asked a selection of the hotel industrys top executives, consultants and academics what they think is driving the hotel industry over the short, medium and longterm. So every hotel has to keep the track of the updates and channelize them, depending upon the requirement of. Top 7 trends in hospitality industry to watch out for in 2020. As a result of the digital revolution, the international development trends in tourism have opened the way for novel solutions like cloudbased booking sites or information and experience sharing via digital platforms. Virtual reality vr transformed and enriched the hospitality industry. The majority of the survey respondents were largely optimistic about the growth in the us hospitality industry, with approximately 59% of the survey. Moreover, new hotel industry trends must be taken into account. Bestkept travel secrets hospitality industry experts share trends, insights and predictions for 2018 a roundup of hospitality industry trends from. Economic the travel and hotel industries have benefited substantially from longterm macroeconomic trends.
European hotel market outlook str global reports that on average european hotels recorded increases in key performance indicators, occupancy occ. He is a wellknown and recognised personality of the hospitality industry in malaysia. The frills from the previous year became a basic requirement in 2017 free and secure wifi, highdefinition television, etc. It is where the largest consumer and tech trends first meet and are quickly tested. It discusses the key trends observed in each segment as well as critical challenges and future. The hospitality industrythe trends, linkedin slideshare. The hospitality industry is a broad group of businesses that provide services to customers.
The relevance of hotel units in the hospitality and tourism industry cannot be overestimated. Lodging industry, advances in hospitality and tourism research, volume iii. This post has been updated with an additional 5 latest emerging trends in the hospitality industry. Hotels, airlines, and other travel segments are particularly vulnerable to the ebbs and flows of economic conditions.
Obtaining hotel financing will be a challenge for the next 2 to 4 years. With the proposed new taxonomy reflecting the nature of the contemporary hospitality and tourism industry, the research community can develop a better. Hospitality industry one of the fastest growing sectors of the economy of our time today. Thanks to the benefits of cloud computing, more and more hotels are turning to the cloud for their hotel management software solutions. Today, technology is becoming one of the key trends in hospitality industry that is driving growth in the sector.
Hotelguest communication is one of the most important and decisive aspects of a speedy and healthy recovery. Nonetheless, some emphasis will also be given regarding possible trends that travellers coming from emerging asian countries e. Thus, many businesses incorporate vr for the various opportunities it creates. The 6 hospitality industry trends that will shape your future. This is rather important since trends that are increasingly engaging attention soon can become a standard demand from. Todays hospitality industry includes everything from standalone hotels to chains, familyrun bed and breakfasts to luxury spas, conference sites to events centers.